16-7336 Dakotas Americas, LLC Agreement Acceptance & New Markets Tax Credit Financing Acceptance & Agreement with JCMorgan Chase Bank N.A.D
RESOLUTION NUMBER 16-7336
A RESOLUTION AUTHORIZING THE MAYOR TO EXECUTE AN AGREEMENT
WITH DAKOTAS AMERICAS, LLC AND ACCEPT AND AGREE TO A LETTER FOR NEW
MARKETS TAX CREDIT FINANCING FOR THE SALINA FIELDHOUSE WITH J.P.
MORGAN CHASE BANK, N.A..
BE IT RESOLVED by the Governing Body of the City of Salina, Kansas:
Section 1. The Mayor is authorized to execute an agreement with Dakotas Americas, LLC
to utilize federal New Markets Tax Credits (NMTC) allocations as a means to attract capital for the
purpose of constructing a community recreational and multi-purpose facility (the "Project"); provided,
however, that the attached agreement is amended to provide revised milestone dates that correspond to
immediate implementation of the agreement and that Dakotas Americas, LLC agrees to cap the City's
exposure at $20,000 until such time as the full investor term sheet is executed.
Section 2. The Mayor is authorized to accept and agree to a Letter for New Markets Tax
Credit Financing for the Salina Fieldhouse with JPMorgan Chase Bank, N.A.; provided, however, that
the attached letter is amended to reflect construction of a 64,000 square foot multi -use recreational
center.
Section 3. This resolution shall be in full force and effect from and after its adoption.
Adopted by the Board of Commissioners and signed by the Mayor this 4th day of April, 2016.
(SEAL)
ATTEST:
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Shandi Wicks, CMC, City Clerk
Jon R. Blanchard, Mayor